But with that deal looking like it was hinging on whether the Gunners could initially lure Lemar to the Emirates Stadium, sources have also confirmed that it is now dead.

You'd imagine Mr. Sanchez won't be too happy about it all...

LIVE BLOG

00.47 BST: That's going to bring to a close this live deadline day special edition of Transfer Talk. Thanks very much for joining us!

00.40 BST: With the Spanish transfer window remaining open until tomorrow night, and the Mirror reports that there's still plenty of time for Philippe Coutinho and Diego Costa to make their respective moves to Barcelona and Atletico Madrid.

Barca are still hot in pursuit of Coutinho and will reportedly offer up to €160m for the Liverpool playmaker. After the Reds' £175m spending spree failed to come off on Thursday, with neither Thomas Lemar nor Virgil van Dijk following Alex Oxlade-Chamberlain through the door, it remains to be seen whether they will finally agree to sell the Brazilian.

Costa's exit from Chelsea looks a little more likely given the bizarre situation surrounding the end of his Stamford Bridge career. Apparently the striker is still in Brazil waiting for his desired move to Atletico Madrid -- and he could finally get his wish on Friday.

A &pouund;49m fee has been mooted, and the report claims that Costa could potentially join Las Palmas on loan until January when Atletico can then add the 28-year-old to their squad.

00.33 BST:Riyad Mahrez has been left in limbo at Leicester after Roma and Barcelona failed to meet the Foxes' £50m valuation of the winger. The Daily Mirror writes that a move to Spain could still happen if Barcelona miss out on Philippe Coutinho, but Mahrez may need to ask for another day off Algeria duty.

00.28 BST: Prepare for fireworks at Newcastle after Rafa Benitez struggled to land any of his targets in the final week of the transfer window. The Daily Mail claims the Magpies boss is raging at Mike Ashley's refusal to back him and there are whispers elsewhere that he could be willing to walk out.

00.22 BST:DONE DEAL Mexican side Atlas have confirmed the signing of Lazio midfielder and former Manchester United youth standout Ravel Morrison on a one-year loan.

00.09 BST:Ross Barkley backed out of a move to Chelsea after Everton refused to negotiate with Tottenham, reports the Telegraph. The 23-year-old England international was reportedly uncomfortable with the Toffees dictating his future, and will now reassess his situation in January.

00.00 BST:DONE DEAL Good morning! Welcome to Friday, and celebrate a new day with news that Hull City have 19-year-old Chelsea centre-back Fikayo Tomori on a season-long loan.

23.51 BST:DONE DEAL Birmingham City have completed a triple signing from Championship rivals Brentford, with Spanish winger Jota joining for an undisclosed club-record fee and being followed by defender Maxime Colin -- less than 24 hours after defender Harlee Dean also swapped Griffin Park for Birmingham. Full story.

23.37 BST: Paul Hayward of the Telegraph is reporting that Brighton have gotten an extension to this evening's deadline, and they're working to bring Tottenham striker Vincent Janssen to the south coast.

Brighton desperately need a striker so fans will be glad to hear the club have a signing extension until 1am. Has to be for a goalscorer.

23.31 BST:DONE DEAL Swansea have announced the signing of Wilfried Bony, who spent two years at the Liberty Stadium between 2013 and 2015, has returned to the Welsh club after a two-year stint at Manchester City. Full story.

23.26 BST: The Telegraph's Matt Law is reporting that Chelsea and Leicester have agreed a fee for Danny Drinkwater, allowing the West London club to get a "deal sheet" into the Premier League -- in theory, never say never on deadline day -- before the deadline closed 20-some minutes ago and giving the Blues an extension to complete a medical and agree personal terms with the England international midfielder.

Told Chelsea finally agreed a fee with Leicester for Drinkwater in time for the 'deal sheet' to go in

23.13 BST: With another day before the Spanish transfer window closes, Cadena COPE is reporting that Barcelona have turned their attention to former Real Madrid No. 10 Mesut Ozil, whom Arsenal value at €60m.

22.50 BST: Speaking to Sky Sports, Everton majority shareholder Farhad Moshiri explained the Ross Barkley/Chelsea situation, saying: "The two clubs agreed a deal of £35m and personal terms were agreed, and after the medical we heard from Ross Barkley's agent that he had changed his mind.

"He told us he wanted to reconsider and stay with us for the time being."

22.45 BST:DONE DEAL Sunderland have announced that defender Papy Djilobodji has joined Dijon on a season-long loan.

The 28-year-old Senegal international, who joined Sunderland from Chelsea in 2016, will make the switch to the Ligue 1 club for the rest of the campaign.

22.40 BST:DONE DEAL Inter Milan have signed France under-21 forward Yann Karamoh from Caen on a two-year loan deal with the option to buy, while Gabriel Barbosa has moved to Benfica on loan.

22.35 BST: We're waiting for Mamadou Sakho to sign for Palace but, while we do, here's some more Selhurst Park-type news -- Denmark keeper Frederik Ronnow could be another late arrival, Sky Sports reports.

22.25 BST:DONE DEAL Scottish champions Celtic have signed PSG striker Odsonne Edouard on loan for the season, with the deal including an option to buy.

21.30 BST: Leicester City and Chelsea are continuing to negotiate over England midfielder Danny Drinkwater, according to reports, with that move freeing up a deal to bring Sporting Lisbon's Adrien Silva to Leicester.

21.20 BST: A while ago, West Brom boss Tony Pulis said he wanted to send some of the club's promising youngsters out on loan and he has been as good as his word, with midfielder Rekeem Harper going to League One Blackburn.

21.15 BST:DONE DEAL Inter Milan have signed France under-21 forward Yann Karamoh from Caen on a two-year loan deal with the option to buy.

Karamoh progressed through the ranks at Caen and made 35 Ligue 1 appearances last season, scoring five goals.

21.10 BST: The BBC reports that the reason behind Manchester City's decision to end their interest in West Brom defender Jonny Evans came about when Eliaquim Mangala's switch to Crystal Palace fell through.

20.55 BST:DONE DEAL A couple more loans for you now: Colchester have added Crystal Palace defender Ryan Inniss on loan; Walsall have added Burnley forward Daniel Agyei on the same basis.

20.50 BST: Defender Alex Bruce has agreed to join Wigan until the end of the season, the BBC reports.

20.45 BST: The brother and agent of Fernando Llorente has posted a photograph of the striker wearing a Tottenham Hotspur shirt, writing that he was "very happy with the decision." There has, however, been no official confirmation from Spurs as yet.

19.30 BST: Crystal Palace have agreed a fee with Liverpool for the transfer of defender Mamadou Sakho, a source has told ESPN FC.

Liverpool have given Sakho permission to discuss personal terms and undergo a medical at the South London club.

19.25 BST:DONE DEAL Harry redknapp has been getting busier as the deadline has approached, and now Birmingham City have broken their club record to sign Brentford playmaker Jota. The fee? A reported £6m.

18.58 BST: Could Crystal Palace finally be about to get their man? Palace have wanted to sign Mamadou Sakho permanently all summer after a successful loan spell last season, and they've just had a £26 million offer for the defender accepted by Liverpool, according to Sky Sports.

18.53 BST: Manchester City defender Jason Denayer has joined Turkish club Galatasaray on loan for a second time. Full story.

18.50 BST: While on the subject of Kylian Mbappe, Yahoo Sport reports that Barcelona had attempted to hijack the deal late on. Barca had been looking at Mbappe as an alternative to Philippe Coutinho, but also as a way of extracting revenge over Paris Saint-Germain following their acquisition of Neymar from the Camp Nou.

18.45 BST: And here is Kylian Mbappe on signing for Paris Saint-Germain...

"It is with great joy and pride that I join Paris Saint-Germain," he said. "For any young person from the Paris region, it is often a dream to wear the red and blue jersey and experience the unique atmosphere of the Parc des Princes. I really wanted to be a part of the club's project, which is one of the most ambitious in Europe. Alongside my new teammates, I intend to continue my progression while helping the team achieve the very big objectives it has set itself."

18.36 BST: DONE DEAL Big, big news coming from France as Paris Saint-Germain have just confirmed the signing of Kylian Mbappe from Monaco in the form of a loan with a purchase option... Sources have told ESPN FC that the deal will eventually be €180 million plus bonuses, making it the second-highest deal of all-time after PSG's €222m signing of Neymar from Barcelona earlier in the summer. Full story.

17.03 BST:Alexis Sanchez is staying at Arsenal and Thomas Lemar is remaining with Monaco... That is according to The Guardian, which says there's insufficient time for Arsenal to agree a deal with Lemar, especially as he is involved with France tonight against Netherlands, and so Sanchez will be staying put as a result.

16.51 BST:DONE DEAL United States international Julian Green has joined German second-tier club Greuther Furth on a season-long loan from Stuttgart. Full story.

16.47 BST: Are Paris Saint-Germain's hopes of signing Fabinho over?

Fabinho starts for Monaco in their friendly against Nimes this evening, suggesting that a PSG move is not going to be happening. #ASMhttps://t.co/jR4PzGuRoE

15.49 BST: Tottenham are set to beat London rivals West Ham to the loan signing of Barcelona midfielder Andre Gomes, according to the Daily Telegraph, which states that Spurs have held encouraging talks while the Hammers are privately resigned to defeat.

15.41 BST: Reports in France are claiming that agent Jorge Mendes is in Monaco currently trying to force through a deal for Fabinho to leave the Ligue 1 champions for Paris Saint-Germain.

15.31 BST:DONE DEAL Leeds have signed Pierre-Michel Lasogga on a season-long loan from Hamburg...

15.24 BST: DONE DEAL There's been a couple of outgoings at Arsenal in the last hour, with Kelechi Nwakali joining VVV-Venlo on loan and Donyell Malen signing for PSV Eindhoven for an undisclosed fee. Full story.

15.16 BST: Barcelona have no interest in signing Leicester winger Riyad Mahrez despite reports he had arrived in the Catalan city on Thursday, club sources have told ESPN FC. Full story.

15.04 BST:DONE DEAL Liverpool have confirmed that Divock Origi has joined Wolfsburg on a season-long loan... Full story.

14.25 BST: Press Association Sport reports that there is still no news on Virgil van Dijk leaving Southampton. The defender has been linked with Chelsea, Arsenal and Liverpool.

14.15 BST: Manchester City have made a second bid for Arsenal striker Alexis Sanchez, sources haves told ESPN FC. Full story.

14.11 BST: Lee Seung-Woo, once held up as one of the brightest prospects at Barcelona's La Masia academy, has joined Italian side Hellas Verona for €1.5 million. Full story.

14.02 BST:DONE DEAL WOW. Renato Sanches to Swansea is done. The Bayern Munich midfielder moves to the Premier League on a season-long loan. That's some signing for the Swans, but we're confident in saying Paul Clement -- the long-time assistant of Carlo Ancelotti -- had a lot to do with this happening. Full story.

13.21 BST: Liverpool winger Ryan Kent has interest from German trio Freiburg, Hannover and Stuttgart as well as Sunderland and Birmingham, but Liverpool are yet to make decision whether to loan him out

13.15 BST: It's a busy day at Manchester City with two in and two out, as things stands. Crystal Palace's £23m offer for Eliaquim Mangala is confirmed, and an offer for Wilfried Bony has been accepted too.

There is still interest in Jonny Evans and a second bid for Alexis Sanchez expected but deal is dependent on Arsenal. If it happens, it will be late in the window.

Spurs conceded the least goals of any Premier League team last season so what have they gone and done this summer? Signed three new defenders, that's what.

12.26 BST: Sky Sports News says Swansea have now agreed a deal to sign Manchester City striker Wilfried Bony. The Ivory Coast international was hugely successful during his last stint at the Liberty Stadium but hasn't had much joy since.

12.21 BST: Shkodran Mustafi is set to stay at Arsenal after a potential loan move to Inter Milan fell through, a source has told ESPN FC. Full story.

12.15 BST: Former Arsenal and Barcelona midfielder Alex Song is in England to discuss a surprise move to Birmingham, the Daily Mail reports.

12.00 BST: And there we have it. The first major DONE DEAL of the day. Alex Oxlade-Chamberlain is a Liverpool player in a deal worth up to £40m. Full story.

10.59 BST: Juventus general manager Beppe Marotta says that his club are "at the window" waiting to see whether Emre Can extends his contract with Liverpool, as they look to land another high-profile player on a free transfer next summer. Full story.

10.53 BST: Two updates from Arsenal, via Sky Sports. Apparently the Gunners will not consider a cash-only deal for Alexis Sanchez. Meanwhile, Germany international defender Shkodran Mustafi, who has been linked with Inter Milan, will stay put.

10.45 BST:Kylian Mbappe's proposed move from Monaco to Paris Saint-Germain is on hold as the capital club try to find a way to sign the forward and still stay within financial fair play (FFP) regulations.Full story.

08.48 BST: Paris Saint-Germain are expecting a busy day. Kylian Mbappe may not be announced until later on Thursday or even Friday before being officially announced because of his potential participation for France in their World Cup qualifier against Netherlands.

Besides Mbappe, PSG remain in the market for a defensive midfielder with Monaco's Fabinho or Porto's Danilo Pereira the two names in the frame but a move for a goalkeeper doesn't look likely after failing to land Pepe Reina.

Serge Aurier's departure is all but done with Spurs now to make a decision on when to announce the deal. Aurier could be followed out of the door by Hatem Ben Arfa, who may have his contract mutually cancelled before joining Nice or Lyon or even moving to Turkey.

08.32 BST:Superdeporte reports that Valencia have reached an agreement with Lazio to loan Nani for the 2017-18 campaign.

According to the Valencia-based publication, the 30-year-old Portugal international winger has travelled to Rome to undergo a medical before completing his move. The Spanish club will loan the player with no purchase option.

Valencia are keen to offload Nani, who is under contract with Los Che for two further years, because of his high wages, €2m net per season. The former Manchester United forward made 25 league appearances last season, 22 as a starter, scoring five goals and setting up seven more.

08.20 BST: As reported earlier Riyad Mahrez looks to be on the move from Leicester. BBC Sport's David Ornstein says Arsenal are not the club he is looking likely to join.

The club Riyad Mahrez has left the Algeria squad to sign for is... not Arsenal. #AFC are not in contention for the #LCFC winger #bbcfootball

08.04 BST: Arsenal could be one of the big players today, for both players coming in as well as leaving. The Mirror reckons a move for PSG's Julian Draxler could be on the cards.

That could depend on a number of factors, though. Namely, if PSG manage to get a deal for Kylian Mbappe done, and also whether Alexis Sanchez leaves or not.

06.32 BST: Former Manchester United youth product Ravel Morrison has returned to England after meeting with Liga MX club Atlas. Manager Jose Guadalupe Cruz has said that he is eager to work with the 24-year-old and is "hoping" a loan deal from Lazio can be completed before the end of the day.

PAPER TALK: Liverpool lead the way on deadline day

Liverpool have already wrapped up a club-record £48 million move for Naby Keita this week and are now close to sealing a £35m deal for Alex Oxlade-Chamberlain.

With the Reds having to wait until July 1, 2018 for Keita to join when his release clause kicks in at RB Leipzig, the Telegraph claims they have two more major targets on deadline day.

The big story on the paper's back page is that Liverpool are willing to pay up to £70m for Monaco midfielder Thomas Lemar and have a medical team ready to travel to France to put the 21-year-old through his paces.

If that wasn't enough, a £175m splurge will be completed by a £70m offer for Virgil van Dijk. The Southampton defender has been top of Jurgen Klopp's shortlist all summer and has handed in a transfer request to try and force through a switch to Anfield.

Draxler key to Sanchez deal

After trying to convince Alexis Sanchez to stay all summer, Arsenal could be about to lose the forward in the final 24 hours of the transfer window.

Manchester City are the favourites for Sanchez's signature and have sent a delegation to Chile, where he is training with the national team, to dot the i's and cross the t's.

City's £70m bid could hinge on Arsenal bringing in Julian Draxler, however, with the Daily Mirror reporting that Arsene Wenger has been in touch with Paris Saint-Germain regarding a potential transfer.

Draxler has been pushed down the pecking order at the Parc des Princes by Neymar's arrival and will be even less likely to start when Kylian Mbappe completes his £199m move from Monaco. That could open the door for Arsenal, although the Gunners have lined up Liverpool target Lemar and Riyad Mahrez as alternatives -- along with Raheem Sterling -- as they insist on finding a replacement for Sanchez.

It could be a long day elsewhere at the Emirates Stadium as Lucas Perez and Shkodran Mustafi look a long way off finalising their departures on Thursday.

Having missed out on a handful of big-name signings, Liam Twomey discusses why Chelsea had a frustrating transfer window.

Spurs eye Llorente

It's been relatively quiet on the transfer front at Tottenham this summer, but Mauricio Pochettino is keen to get a couple of deals over the line on deadline day. Spurs have already secured an £8m move for young Argentine defender Juan Foyth and have now turned their attention to Swansea striker Fernando Llorente.

The Spaniard remains a target for Chelsea but, according to The Sun, the Blues face late competition for his signature from across London. With Vincent Janssen struggling to impress, Pochettino wants more back-up for Harry Kane which could lead to a £15m bid being lodged for Llorente.

Should the deal go ahead, the 32-year-old could be joined at White Hart Lane (or Wembley Stadium!) by £23m full-back Serge Aurier, who has finally been granted a work permit, along with Barcelona midfielder Andre Gomes who is reportedly available on loan.

Tap-ins

- After accepting defeat in their bid for William Carvalho, whom Sporting Lisbon have valued at £40m, West Ham will turn to Arsenal outcast Jack Wilshere. The England midfielder spent last season on loan at Bournemouth and could be set for a similar move to the Hammers, according to The Sun.

- Diego Costa could still join Atletico Madrid from Chelsea after the Spanish club submitted a £49m offer for the striker. Costa wouldn't be able to play for Atletico until January, with the Daily Mail reporting that Everton, Besiktas and Las Palmas are all eager to loan him until then.

- Leicester City have joined Arsenal and Manchester City in the race to sign Jonny Evans, claims the Telegraph. The Foxes have apparently seen a £25m bid rejected but could return with a bigger package for the West Brom defender.

Follow @ESPNFC on Twitter to keep up with the latest football updates.